Far-left liberal billionaire George Soros has been approved to purchase “Audacy”, which is the second-largest chain of radio stations in the United States. The company owns 220 American radio stations in 40 markets, and reaches 165 million listeners monthly. The deal was authorized last week by the Federal Communications Commission (FCC), the United States body in charge of policing communications by wire, satellite, cable, and radio.
The businessman might be able to reach more than 165 million Americans at a crucial moment ahead of US Presidential elections after the FCC “adopted an order to approve Soros’ purchase of more than 200 radio stations in 40 markets just weeks before the elections”. Soros acquired upwards of $400 million of its debt in recent weeks. Soros has acquired approximately $280 million in term loans and $135 million in revolving credit at 50 cents on the dollar, or nearly a 40% ownership in Audacy.
“The FCC decision came after a partisan vote with the commission’s three Democrats voting for the move while the two Republicans voted against it,” per reports. It further added, “Under existing FCC rules, foreign company ownership of US radio stations is not supposed to exceed 25%. Soros used foreign investment to make his bid and then made a filing asking the commission to make an exception to the usual review process, according to public documents. The FCC decision to fast-track his deal is the first time in modern history such a deal has been approved by the full Commission without first running the national security review process, a process that could take up to a year or more.”
According to a representative for the FCC, “No decision is final until the Commission releases it, which we have not.” The spokesperson pointed out that the application before the Commission concerns a transfer from Audacy in bankruptcy to Audacy post-bankruptcy. “The Commission has a long-standing process for reviewing transactions that involve emergence from bankruptcy”, the spokesperson added.
On the other hand, a few within the FCC disputed the notion that the action was “fast-tracked” or a shortcut was provided for Soros, citing a comparable procedure employed by the previous administration in the bankruptcy cases of Cumulus Media (2018), iHeart Media (2019), Liberman Television (2019), Fusion Connect (2019), Windstream Holdings (2020), America-CV Station Group (2021), and Alpha Media (2021).
However, Commissioner Nathan Simington, who was nominated by former US President Donald Trump, criticized the procedure and asserted that it had been expedited. He charged, “The FCC has a practice of permitting entities temporarily to exceed foreign ownership caps when emerging from bankruptcy and the majority, over my objection, did so here. But that wasn’t the only way in which this item was fast-tracked.”
“Commission leadership tried to approve the item at the staff level, with nothing but a 48-hour notice to Commissioners on a summer Friday. There is almost no factual record on the item because there was almost no attempt to do a real public interest analysis. Not a single Commissioner outside of the Chairwoman was invited to even think about the issue until staff was directed to handle it on our behalf without our votes. That’s the true fast-track,” Simington further highlighted.
The Federal Communications Commission’s Brendan Carr, who was also nominated by Trump, previously raised concerns about the deal that would have allowed Soros to acquire hundreds of American radio stations. “I think what’s interesting about it is that the FCC is not following its normal process for reviewing transactions that it has established over a number of years. It seems to me the FCC is poised, for the first time, to create an entirely new shortcut,” he voiced during a recent House Oversight Committee hearing.
Carr accused, “What we usually do is require people to file a petition with us, bring in the National Security Agency to review the foreign ownership, it’s probably no big deal here, but we review that foreign ownership and then we vote. Here, they’re trying to do something that’s never been done before at a commission level.”
“This Soros-backed group is looking to buy the second-largest radio station group in the country. Some of them are in Pennsylvania, Virginia, and Florida (key states in upcoming Presidential election). The vast majority are probably music or sports, but there are a handful in those states that carry conservative talk radio,” Carr pointed out during an interview.
Audacy reportedly filed for Chapter 11 bankruptcy in January, claiming that a multibillion-dollar decline in ad revenue was caused by a “perfect storm” of financial difficulties. The restructuring plan apparently eliminates the holdings held by current shareholders. Statista listed the company as one of the top-performing radio companies in the United States.
Notably, Republican Congressman Chip Roy of Texas brought up the subject of the FCC’s dubious handling of Soros’ activities back in April. However, Soros had already made an approximately $400 million investment in Audacy a few months prior by the time Roy made the revelations. Roy cited a communications regulation that made it illegal for firms with more than 25 per cent foreign ownership to hold a radio license, which put Soros’ plan to purchase the radio network in serious jeopardy.
“But instead of going through the usual petition for declaratory ruling process, which would enable the FCC to review and assess those foreign ownership interests as part of its transaction review, the Soros group has asked the FCC to waive that process and put it off until sometime down the road,” he wrote in a letter to the FCC “indicating that those foreign stakeholders will be given special warrants in the meantime.”
The 93-year-old left-wing globalist has donated to several liberal policy projects and advocacy organizations using his $6.7 billion net worth. In 2021, the investor contributed at least $140 million to ‘electoral causes’ and ‘political justice’ through his ‘Open Society Foundations.’ Soros granted his son Alex the charge of his political enterprise last year. Meanwhile, his multiple organizations continue to have a massive financial impact, spending millions of dollars trying to swing states like Texas in the USA to the Democrat’s side.
The Soros organization has a track record of acquiring conservative media outlets and altering their programming and leadership. Soros bought a media company in Poland before last fall’s election that toppled the conservative Law and Justice (PiS) administration.
George Soros earlier made his intentions clear to interfere in India
George Soros, the Hungarian-American billionaire had said that he will commit $1 billion to start a global university to “fight nationalists”, whom he referred to as “authoritarian governments” and climate change, calling them twin challenges that threaten the survival of our civilization. Speaking at the World Economic Forum in Davos in 2020, Soros pledged to fund a university project to battle the erosion of civil society in a world increasingly ruled by “would-be and actual dictators” and climate change.
Soros had said, “Nationalism, far from being reversed, made further headway. The biggest and most frightening setback occurred in India where a democratically elected Narendra Modi is creating a Hindu nationalist state, imposing punitive measures on Kashmir, a semi-autonomous Muslim region, and threatening to deprive millions of Muslims of their citizenship”.
Through his Open Society Foundation, which started its operations in India first in 1999 by offering scholarships and fellowships to pursue studies and research at Indian institutions, Soros has made great strides in creating disorder within India. In the name of running philanthropic activities, the left-wing international organisation led by Soros has spread its tentacles across the country by his active support to anti-India elements operating inside India.
George Soros has time and again has shown his desperation to wage war against the nationalist government in India through various networks funded by him comprising of NGOs, media, intelligentsia, etc.
